The beverage caps and closures market was valued at US$56.94 billion in
2017, and is expected to reach a value of US$473.29 billion by 2023, at
a CAGR of 4.01% over the forecast period 2018-2023.

Caps and closures are essential for extending the shelf life and
retaining the taste, flavor, and texture of contents. Besides offering
leak-proof and contamination resistant features, these caps and closures
play a vital role in driving the visual appeal, brand differentiation,
and convenience in the ease to open, thus, making them imperative for
the packaging industry, which is serving as the driving factor for the
market.

The plastic beverage packaging market is anticipated to grow at a
healthy rate, owing to several factors, such as dynamically changing
lifestyles, availability of feedstock, and increasing emphasis on
manufacturing innovative designs. Plastic bottles are becoming more
pervasive because of their advantages over glass bottles. Choosing
plastic over glass is an easy decision for manufacturers looking to
reduce weight, speed up transportation, and reduce packaging costs.

The beverages industry in APAC has shown robust growth in recent years,
owing to the rising population and rising disposable incomes; and this
trend is expected to follow over the forecast period, owing to changing
consumer preferences, indicating an increasing prominence towards energy
and nutritional drinks.